Preventing Fraud with MasterCard SecureCode

Confidentiality of consumer information is a top priority for merchants, consumers, issuers, and acquirers. The more risks and data leaks there seem to be, the more difficult it would be to reassure clients that providing their MasterCard information online or over the line is secure.

SecureCode offers you an extra layer of security. It is a one-time password (OTP) that is sent to you by text message. This one-time password (OTP) is created by the issuing bank and therefore is needed when you trade online with a merchant who offers the product.

Mastercard SecureCode

MasterCard SecureCode has become a protected digital payment system that is only accessible to MasterCard cardholders. It utilizes the 3DS payment system to confirm your identity as a cardholder. The verification process is straightforward and consists of three phases.

1. Make a reservation and provide your debit or credit card details.
2. When the card’s safety system is enabled, a 3D secure window will appear. Your lender may request you to provide a verification number to prove your identity. This is usually a one-time-use verification key that is delivered to you by Text.
3. Your reservation is verified after you provide the right passcode and your transaction is approved.

Can we prevent any chargeback with MasterCard SecureCode?

• Only registered consumers are allowed to use these Mastercard SecureCode, which is an excellent approach for reducing actual criminal chargebacks on Mastercard-branded cards. Both form and origin of a trader’s chargebacks, which can only be determined by recording and evaluating chargeback datasets, will determine if SecureCode would make a meaningful impact on their chargeback ratio.
• Because of the responsibility transfer, SecureCode can provide limited security against friendly fraudster chargebacks claiming illegal card usage. This can support retailers in avoiding penalties due to “family fraud” situations in which an unauthorized individual has accessibility to the cardholder’s gadgets.
• SecureCode is a helpful solution with obvious advantages for most retailers, but it’s no panacea for chargebacks. Merchants must view this as one of several technologies that may be used strategically and thoughtfully as a component of a larger fraudulent and chargeback protection strategy based on data insights.
• If you notice any unusual actions on your account, contact your bank right away and be ready to give authorities all critical information such as the date and location of the illegal purchase. Verify your credit reports frequently to verify there are no unauthorized purchases on your account.

Conclusion

Merchants are advised to use techniques relying on 3-D secure modern technology. It reflects an increasing knowledge that the consequences of trying to make checkouts too convenient are certainly too awesome to retain and that an extra embracing behavior toward multi-factor verification procedures would then support the overall transactions environment.

If current chargeback statistics indicate that actual fraudulent claims are biting through your income and increasing your chargeback percentage, MasterCard SecureCode could be able to help you stop illegal activities and defend your consumers from scams.